Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Extending the “Income Tax Cash Basis” for the Self-Employed
This HM Revenue & Customs (HMRC) consultation seeks views and feedback on proposals to increase eligibility and use of the income tax cash basis for the self-employed.
HMRC Late Payment Interest Rates to Be Revised After Bank of England Increases Base Rate
The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of England base rate to 4.25% from 4%.
Budget Special – Part 2
Like the main income tax bandings, employer and employee NIC thresholds are now also frozen until 5 April 2028. This broadly means that employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year (£175 per week) and employees will continue to pay 12% on earnings between £12,570 and £50,270 and 2% thereafter.
Budget Special - Part 1
In the Autumn Statement, the Chancellor announced that the £12,300 annual tax-free capital gains tax exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.
UK Employer Taxes Update – Online P11D Reporting
As the new tax year approaches, we highlight some important employer developments and changes to legislation and allowances relating to UK employer taxes, especially about online P11D submissions.
UK and EU Formally Adopt The Windsor Framework
Last week, the Foreign Secretary, James Cleverly, and Vice President to the European Commission, Maroš Šefčovič, met to sign off the Windsor Framework at the Withdrawal Agreement Joint Committee in London.
Mitigating the Long-Term Effect of Inflation
Inflation is a problem for most of us. Savers find that the value of their cash is being rapidly eroded. At 10% inflation, the £100 you save today will only buy £90 worth of goods in a year’s time. Many people find that their household budgets are stressed.
The Recent Global Bank Stocks Slump has Implications for all Businesses
Following the collapse of Silicon Valley and Signature banks, bank shares in Asia and Europe have slumped, despite the reassurances from Joe Biden. The volatility has led to speculation that the Federal Reserve will pause plans to
UK Budget Summary
Last week, Jeremy Hunt, Chancellor of the Exchequer, revealed his first Spring Budget. There was a focus on managing inflation and government debt, encouraging those who have left their jobs to return to the workforce, and increasing business investment.
New UK Version of GDPR
New data laws to cut down paperwork for businesses and reduce cookie pops-up have been introduced by the UK government.
Spring Budget 2023
At Spring Budget 2023 the government is building on this foundation, with a plan to deliver on three of the five key priorities set out by the Prime Minister in January: to halve inflation, grow the economy and get debt falling.This comes against a backdrop of higher levels of government debt due to the economic impacts of the COVID-19 pandemic
Markel UK Insurance
Markel UK is a specialist insurer serving regional brokers and UK SMEs. We have developed one of the UK’s first integrated insurance, tax and legal services aimed at SMEs
Penalties for Careless and Deliberate Errors
As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon
“Nudge” Letters from HMRC about R&D Claims
Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters to the directors of over
Advisory Fuel Rate for Company Cars
The table below sets out the HMRC advisory reimbursement rates for employees' private mileage using their company car from 1 March 2023
Will the Spring Budget Stimulate Economic Growth?
With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.
Year End Tax Planning
It’s not too late to undertake some end of year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year.
HMRC Employer Bulletin: February 2023
HMRC publishes the Employer Bulletin 6 times a year, giving employers and agents the latest information on topics and issues that may affect them.